Financial Crime World

Belarus Cracks Down on Financial Crime with Powerful Investigation Department

In a bid to combat the legalization of criminal proceeds and financing of terrorist activities, the Republic of Belarus has established the Financial Monitoring Department (FMD) within the State Control Committee. The department was created in 2003 following Decree No.408 by President Alexander Lukashenko.

Mission and Objectives

The FMD’s primary objectives are to:

  • Prevent the legalization of crime proceeds
  • Finance of terrorist activities
  • Establish an automated system for recording and analyzing financial transactions
  • Foster international cooperation on these matters

Department Structure and Functions

To achieve its goals, the department collects and analyzes information about suspicious financial transactions, verifies incoming data, identifies red flags indicating potential money laundering or terrorist financing, and participates in drafting laws and regulations. The FMD also studies international best practices and contributes to the development of international anti-money laundering (AML) and counter-terrorist financing (CFT) cooperation programs.

Emblems

The department’s emblem features a golden laurel wreath intertwined with ribbons bearing the colors of the Belarusian state flag, adorned with the image of the national emblem in the upper part and a silver shield displaying crossed caduceus and a torch on a globe in the center.

The FMD operates within the framework of several key laws and regulations, including:

  • Decree No.408
  • Law No.165-Z
  • Resolution No.367
  • Others

Leadership

The department is headed by Director Vyacheslav Reut.

AML/CFT Activities

The FMD performs a range of activities to combat money laundering and terrorist financing, including:

  • Requesting and receiving information
  • Developing and maintaining an automated system for recording and analyzing financial transactions
  • Overseeing compliance with AML/CFT legislation
  • Applying enforcement measures against violators
  • Conducting inspections and audits
  • Issuing mandatory decisions
  • Requesting information from foreign authorities

Contact Information

For more information or assistance, please contact the FMD at:

Phone: +375 (17) 328-39-61 Fax: +375 (17) 328-39-61 Email: dfm_kgk@mail.belpak.by Website: kgk.gov.by Address: 5, Karl Marx Street, Minsk, 220030, Republic of Belarus